President Biden, having already explained that the US economy is not in recession, will reiterate that the US economy is not in recession during a roundtable with a number of the nation’s CEOs.
He will likely once again lean on how strong the jobs market is (don’t show him this chart)…
or this one…
The strong payrolls report is often cited as evidence that the US economy can’t possibly in recession.
It depends though which ‘jobs report’ you look at. The Household Survey measure, which is more sensitive to turning points, is certainly ALREADY consistent with recession. https://t.co/087R0Tt4v4
— Albert Edwards (@albertedwards99) July 28, 2022
Oh and does he really think a bunch of executives whose share price and thus compensation relies on not being in recession will proclaim any honest responses about anything recessionary?
Brilliant strategy to drag out CEOs to “prove” no recession:
“Well, Mr President, i will tell you there is a recession but first let me short my own stock, ok?”
— zerohedge (@zerohedge) July 28, 2022
Watch live here (he’s already 15 mins late)…
